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Plastiq for making Car Payments

Blackswizz750
Established Contributor

Plastiq for making Car Payments

I want to look into using possibly one of my Navy Visa's or one or my BCE to make a car payment next month and wanted to know if anyone had any troubles. I think Visa is not accepted for mortgages but not sure on capr payments. I didnt fine anything on auto payment. 

Message 1 of 24
23 REPLIES 23
FinStar
Moderator

Re: Plastiq for making Car Payments

It should work for most car payments using Visa or MC, not sure if AMEX works yet or not. Just keep in mind that not all entities or financing companies (i.e. payees) are participants in the program.

When you set up your payee, it'll let you know how the payment will be remitted. If it's not a participating entity, then your payment will be coded as a cash advance versus a purchase, just be aware.
Message 2 of 24
Blackswizz750
Established Contributor

Re: Plastiq for making Car Payments

Thanks for the information. I will try it and see how if comes out. 

Message 3 of 24
Saleen099
Senior Contributor

Re: Plastiq for making Car Payments


@Blackswizz750 wrote:

I want to look into using possibly one of my Navy Visa's or one or my BCE to make a car payment next month and wanted to know if anyone had any troubles. I think Visa is not accepted for mortgages but not sure on capr payments. I didnt fine anything on auto payment. 


   Question what will they charge you for processing a payment using your credit card?

Message 4 of 24
Blackswizz750
Established Contributor

Re: Plastiq for making Car Payments

I am still checking that out. I believe 2 or 2.5%. I am not sure if the extra cost would be worth it if it codes as a cash advance.

Message 5 of 24
TheBoondocks
Established Contributor

Re: Plastiq for making Car Payments

Just pay with your credit card for the car payments, you don't have to use Plastiq...

Message 6 of 24
FinStar
Moderator

Re: Plastiq for making Car Payments

@TheBoondocks - most auto financing companies do not accept CCs for payments on a car loan or lease.
Message 7 of 24
imaximous
Valued Contributor

Re: Plastiq for making Car Payments

Anyone tried using the PayPal business debit card using the 2% CB card as a backup?
If my math is right, you'd get 1% back from PayPal debit card (if run as credit) and 2% from the CB card as backup source. That's 0.5% net after Plastiq's 2.5% fee. It doesn't sound like a lot, but if you run your mortgage/rent plus car payments, it's 0.5% of a few thousand bucks.

I'm not too familiar with Plastiq and still reading about it, but I also read that the fee is lowered to 1% if you use a debit card. So, in the example above, it'd be even better. You wouldn't get the 1% back for the debit transaction since it has to be run as credit, but you'd get the full 2% using the PayPal CB card as backup, so it turns out to be 1% net after paying the fee.

Any feedback on my assumption above?
AMEX | BofA | Barclays | Cap One | Chase | Citi | Discover | GS | PenFed | SYNCB (PP MC, Lowe's, Amazon, PP Credit) | US Bank
Message 8 of 24
UncleB
Moderator

Re: Plastiq for making Car Payments


@imaximous wrote:
Anyone tried using the PayPal business debit card using the 2% CB card as a backup?
If my math is right, you'd get 1% back from PayPal debit card (if run as credit) and 2% from the CB card as backup source. That's 0.5% net after Plastiq's 2.5% fee. It doesn't sound like a lot, but if you run your mortgage/rent plus car payments, it's 0.5% of a few thousand bucks.

I'm not too familiar with Plastiq and still reading about it, but I also read that the fee is lowered to 1% if you use a debit card. So, in the example above, it'd be even better. You wouldn't get the 1% back for the debit transaction since it has to be run as credit, but you'd get the full 2% using the PayPal CB card as backup, so it turns out to be 1% net after paying the fee.

Any feedback on my assumption above?

If the Paypal Business debit card is processed as PIN-less debit (which would likely be the case with Plastiq) then there are no cash rewards, and as far as I know it wouldn't trigger backup funding, either.

 

Back when I was in "credit purgatory" I used my Paypal Business debit card almost exclusively, and that's how it worked then.  Things might have changed, though.

Message 9 of 24
DaveInAZ
Senior Contributor

Re: Plastiq for making Car Payments


@imaximous wrote:
Anyone tried using the PayPal business debit card using the 2% CB card as a backup?
If my math is right, you'd get 1% back from PayPal debit card (if run as credit) and 2% from the CB card as backup source. That's 0.5% net after Plastiq's 2.5% fee. It doesn't sound like a lot, but if you run your mortgage/rent plus car payments, it's 0.5% of a few thousand bucks.

I'm not too familiar with Plastiq and still reading about it, but I also read that the fee is lowered to 1% if you use a debit card. So, in the example above, it'd be even better. You wouldn't get the 1% back for the debit transaction since it has to be run as credit, but you'd get the full 2% using the PayPal CB card as backup, so it turns out to be 1% net after paying the fee.

Any feedback on my assumption above?

 Yes, I've been using my PayPal business debit card using the 2% CB card as a backup for my mortgage payment for a couple months now. It works, I get 1% from the debit card and 2% on the MC, (Plastic charges the PP Debit as credit, not PIN-less debit). To me it just covers the Platiq fees with a little bit extra. I limit using the PP debit w/2% CB card as I'm concerned if I went crazy using the combo it could raise some red flags with PayPal and/or Synchrony. My mortgage is under $500/mo., and I can't pay my car payment using that combo as my 1/2 point discount with DCU requires online payment from a DCU account. My Plastiq mortgage payment does NOT code as a cash advance, on the PP Debit transaction it is coded as a purchase with Plastiq as the merchant, and the 2% CB MC the transaction is listed as "PyPal Backup funding".

 

When I first added my PP Debit card in Plastiq I used online chat to ask if it would qualify for the 1% fee for debit. I was told that for a debit card to qualify for the 1% fee it has to be a debit card from a "brick & mortar" bank, which to me seems to defeat the purpose of using Plastiq - if I wanted the funds taken immediately from a bank account I'd make an ACH or paper check payment and avoid the 1% fee. With my 2% CB MC billing cycle & mortgage due date I get at least 45 days to PIF and avoid any interest.

Message 10 of 24
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